Level Equity is a private investment firm.

Level, through our growth equity and structured capital business lines,
invests in and acquires outstanding growth businesses. The firm has raised $1.7 billion in
committed capital in support of this strategy. We aim to be the investor of choice for
entrepreneurs and businesses with many options for capital.

STRATEGY

Level invests in and acquires outstanding growth businesses. We have broad capabilities
to pursue minority and majority investments, full acquisitions, and structured equity and credit solutions
supporting a variety of transaction types and desired outcomes.

Level seeks out growing businesses led by excellent founders and managers using
technology to create change in their markets. We help these businesses expand with intelligent risk-adjusted
investments for growth, often in product development, sales, global reach, and acquisitions. We work to
sustain existing value and deepen management, corporate governance, and business quality alongside revenue
and profit growth.

Level pursues a direct sourcing strategy. We build relationships with great
entrepreneurs and businesses in targeted markets regardless of current investment opportunity and
find these long-term dialogues and a flexible investment mandate allow us to move quickly when opportunities
present themselves.

FIRM

Level was founded by experienced investors in private growth businesses.

Level has raised $1.7 billion in committed capital. Our senior team has
been investing in growth since 1997 and our founders have worked together as a team since 2003. Our founders
have backed 80 businesses. 47 of these businesses have achieved realizations through IPO, sale, or
recapitalization.

We have been fortunate to grow our business by partnering with outstanding
entrepreneurs, managers, and investors, and by focusing on businesses we understand and where we can add value.
We strive to be transparent to a fault and look for the same in those who invest with us and in whom we invest.
We are passionate about building big businesses and committed to doing this the right way.

44

Investments

30

Active

6

Countries

$1.7b

Committed Capital

Investments

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Global Investments

Team

Level's senior and founding teams have been investing in rapid growth businesses since 1997,
investing in 71 growth-stage software, internet, and media businesses, 45 of which have been exited.

CONTACT

Benjamin Levin

Partner

Ben Levin founded Level Equity and is a partner and the co-CEO of Level Equity Management, LLC. He has been an investor in growing media, software and services companies since 1997 and is a frequent speaker on the growth equity industry. Prior to Level Equity he was Managing Director at Insight Venture Partners and previously held positions with Mentmore Holdings Corporation, the private investment arm of a New York City based family office, and in the mergers and acquisitions division of Salomon Brothers. Ben graduated from Harvard College.

George McCulloch

Partner

George McCulloch founded Level Equity and is a partner and the co-CEO of Level Equity Management,
LLC. He is a career investor in growth-stage technology businesses. He was previously an investor
at Summit Partners and a Managing Director at Insight Venture Partners. George is an independent
director of Medidata Solutions (NASDAQ: MDSO). He is a graduate of Stanford University.

Sarah Sommer

Partner

Sarah Sommer founded and is a partner at Level Equity. She has spent her career as an investor in growth-stage software, media and internet companies. Prior to Level Equity she was a member of the investment team at Insight Venture Partners. Sarah is a graduate of the Wharton School at the University of Pennsylvania where she was a Joseph Wharton Scholar.

Nathan Linn

Chief Operating Officer

Nathan Linn is Chief Operating Officer at Level Equity. He is responsible for managing Level Equity's operations, including fund structuring and administration, new investment and portfolio management, and tax and regulatory compliance. Before joining Level Equity, he was Chief Financial Officer of Thiel Capital, where he was responsible for managing Peter Thiel's personal investments, as well as Chief Financial Officer of Valar Ventures. Prior to that, Nate served in various legal capacities at PayPal and eBay (following its acquisition of PayPal in 2002), and represented technology companies and investors at Wilson Sonsini Goodrich & Rosati in Palo Alto. He is a graduate of Stanford University and the Northwestern University School of Law, and is a member of the California bar.

Barry Osherow

Managing Director - Structured Capital

Barry Osherow is Managing Director - Structured Capital at Level. Barry joined Level in October 2016 and was most recently with Enhanced Capital Partners where he was Managing Director and Managing Partner / Investment Committee Member of the firm's $225 million SBIC fund. Prior to joining Enhanced Capital in 2008, Mr. Osherow served as Principal and Head of Direct Lending at TICC Capital (Nasdaq: TICC), a business development company (BDC) focused on lending to technology companies, where he was also a member of the founding team in 2002, when the business was known as Technology Investment Capital Corp. Previously, Mr. Osherow was an Associate in the Private Equity Group at Wit Capital (which became SoundView Technology Group) focused on raising private equity for technology and Internet businesses and was a member of the founding team in 1996. Prior to that, Mr. Osherow was Vice President of Business Development at Spring Street Brewing Company and an Associate with Lehman Brothers. He graduated from Babson College in 1994 with a BS with a concentration in International Business.

Ari Herman

Vice President, Finance and Operations

Ari Herman is Vice President, Finance and Operations at Level Equity. He was most recently the Controller / Vice President of Finance at Solera Capital, where he was responsible for all finance, operations, and administrative responsibilities for the funds and management company. Prior to that, he was the Assistant Controller for the private equity funds portfolio at Black Diamond Capital Management. Ari also has public accounting experience including six years at PriceWaterhouseCoopers where he was an Audit Manager for private equity funds, hedge funds, and funds of funds. He holds a BA in Accounting from Queens College, City University of New York, and is a licensed CPA in New York.

Charles Chen

Partner

Charles Chen is a partner at Level Equity. Prior to Level Equity he was an investor at Technology Crossover Ventures in Palo Alto, where he originated, evaluated, and executed growth equity investments in software and internet businesses. He was previously a member of Morgan Stanley's Technology Investment Banking Group and a business development manager on the mobile team at Facebook. Charles holds an MBA from the Wharton School at the University of Pennsylvania and a B.S. from the Haas School of Business at the University of California, Berkeley.

Jake Foster

Chief Technology Officer

Jake Foster is Level Equity's Chief Technology Officer. He is responsible for conducting technical
due diligence on new investments, providing guidance and mentoring to technology leadership at portfolio
companies, and overseeing Level Equity's technology infrastructure and initiatives. Jake has over twenty
years' experience as a software architect and developer, technology executive, founder and entrepreneur.
He has held architect and CTO roles with several early-stage start-ups including Rackwise (OTC:RACK),
Medivation (acquired by McKesson), TetherHealth, PipelineRx and RelayHealth (acquired by McKesson). Jake
was previously co-founder and CTO of Mirixa Corporation where he developed the first ever on-line Pharmacy
MTM platform. As founder of the technology management consulting firm Cleverbox, Jake provided strategic
guidance and delivered critical technology for a broad range of clients and conducted technical due diligence
on investments for a number of private equity firms.

David Fleishman

Senior Associate

Christopher Isaac

Vice President

Chris Isaac is a Vice President at Level Equity. Chris joined Level in 2011 as part of the firm's first Associate class. He previously spent time with Updata Partners, a technology-focused investment firm. He holds a B.S. from New York University's Stern School of Business.

Senior Associate

Michael Bauer

Vice President - Structured Capital

Michael Bauer is Vice President - Structured Capital at Level. Prior to joining Level, he was a Vice President at OFS Capital. At OFS, Michael sourced, evaluated, executed, and monitored investments. Prior to joining OFS in 2015, he was an Investment Banking Associate at Berkery Noyes and a Transaction Services Associate at KPMG. Michael holds a B.S. from the University of Delaware where he double majored in Accounting and Finance and graduated magna cum laude.

Nick Berardo

Vice President

Nick Berardo is a Vice President at Level Equity. Prior to Level he was an investor at Summit Partners where he sourced, executed, and managed growth equity investments in software and healthcare businesses. He previously worked in the Investment Banking group at Barclays and in Business Development at The RealReal. He holds an MBA from the Stanford Graduate School of Business and a B.S. from Boston College.

Gautam Gupta

Principal

Gautam Gupta is a Principal at Level Equity. Prior to Level Equity, he was a Vice President at Vista Equity Partners. At Vista, Gautam originated, evaluated, and executed investments in enterprise software businesses and helped launch the firm's debut credit fund. Prior to joining Vista in 2008, he was a member of Merrill Lynch's Technology Mergers & Acquisitions team. Gautam holds an MBA from the Wharton School at the University of Pennsylvania and a BS in Mathematics from the University of Chicago.